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Dubai: ACI Real Estate, an affiliate of Alternative Capital Invest of Germany, and Ferretti Group has entered into an agreement to develop 'Marine Legends', a luxury waterfront residential project valued at Dh6 billion at Dubai Waterfront.
"Marine Legends reflect growing demand for high-end residences and concurrently aims at providing an appropriate setting that unifies the requirement and aspirations of the emirate to appreciate the waterline and improved water canal systems," said Robin Lohmann, managing director of ACI Real Estate.
Speaking on the alliance with Ferretti Group, Lohmann said: "We are excited to work with the Ferretti Group and our association with them marks the start of global and emirate wide trend.
"Ferretti Group has a long heritage of integrity, innovation and industry leadership principles. We share the spirit of endeavour and dedication to excellence, which fits perfectly with our mission to uphold the highest standards."
The Ferretti Group, leader in luxury motor yachts, has a unique portfolio of the most exclusive brands in the nautical world such as Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, Custom Line and CRN.
It is currently present in 95 countries and has three representative branches situated in Europe, the United States and Asia. The group also boasts an international dealer network, which counts over 85 carefully selected distributors, who guarantee its clientele the very best assistance in marinas all over the world.
Commenting on the new UAE initiative, Vincenzo Cannatelli, CEO of the Ferretti Group, said: "We have been thinking of the UAE as our next destination for international expansion. The market offers a unique platform with a sound business environment that facilitates global business and investment. Dubai is well poised to become a leading global business capital and we are happy to join ACI to be part of this invigorative phase of growth."
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